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economy was melting down, jack lew was an executive at citigroup which sheila bair describes as the most toxic of all those troubled banks. >> they were the poster child in need of government aid. >> reporter: citigroup needed three government bailouts. over $460 billion in taxpayer dollars and loan guarantees just to survive. but at the same time, they still managed the pay lew a bonus of nearly $1 million. >> explain why it might be morally acceptable to take close the a million dollars out of a company that was functionally insolvent. >> senator, in 2008, i was an employee in the private sector. i was compensated in a manner consistent with other people who did the kind of work that i did in the industry. >> reporter: lew's tenure included a post as the chief operating officer of alternative investments. and when he arrived in 2008, when he arrived the division was in deep trouble. bleeding money. both investors and citibank's own financial advisers were in open revolt which you can see in internal e-mails obtained by abc news. i'm watching a slow-motion movie of my life being destroy
campaign. must, treasury secretary jack lew faces questions about his time at citigroup and a caymans island bank account. and pope benedict, what the catholics will be looking for in their next spiritual leader. , the leaamerican people don't expect government to solve every problem. they don't expect everybody in this chamber to agree on every issue. but they expect us to put the nation's interest before party. >> paul: welcome to the journal editorial report. i'm paul gigot. that was president obama during his state of the union address, he called for a vast expansion, laying out a second term agenda that includes more spending on public works, a cap and trade program for carbon emissions, a minimum wage increase and a federal nursery school entitlement. so does the president think he can get any of this passed or is he counting on a pelosi congress in 2014? let's ask wall street journal columnest and deputy editor dan henninger, james freeman and washington columnist kim strassel. kim, how much does the president think he can pass or is that what this is about? >> no, he knows he
with nyu, citigroup, and the white house. somebody should put a stop to this. president obama never did. now, first lady michelle obama says she loves movies. well, that's great. but why did she get the most important moment of the entire oscars ceremony? is there a hidden agenda here, something i may have missed? >>> i think the gop pledge to prevent a government shutdown is very bullish for stocks and the economy. the white house continued with its sequester scare tactics. take a listen again to homeland security secretary janet napolitano earlier today. >> i don't think we can maintain the same level of security at all places around the country with sequester as without sequester. >> all right, really? as i said earlier, her budget is going to be bigger this year than last year even with sequester. i've got to go to my pal steve mcmahon. >> don't you want to go to senator hutchison on this one? >> democrats are really going to lose this battle, and hurt her politically because the dire consequences will not happen. >> well, they won't happen maybe right away or maybe everywhere insta
background and qualifications for this post and that have been raised. let's consider mr. lew's citigroup years. you as managing director chief operating officer of two units, pueblo mill wealth management and citigroup investments. he has claimed repeatedlrepeatedl y that while management, directing and operating those citigroup units he essentially undertook backroom operations like firing people moving space integrating office systems eliminatieliminati ng redundancy and things of that nature. mr. lew has stated he did not design financial products and citigroup are made portfolio decisions or in his words opine on investments. in fact when asked about investment products that were marketed and sold by the city -- citigroup units that he oversaw he couldn't remember any specific details. it has to be noted that some of those investments ended up generating enormous losses for investors. for example funds which were marketed, sold and managed by the citigroup units that mr. lew oversaw ended up being the subject of lawsuits and successful arbitration claims where success was based, wher
president of new york university, the school received kickbacks on student loans from citigroup. then mr. lew went to work for that same citigroup. when i asked mr. lew if he had any conversations with citigroup about these kickbacks while he was at new york university, he once again -- quote, unquote -- could not recall. i asked for any documents related to his involvement in the kickbacks. he refused to search for them. did those conversations occur? we don't know. on monday "the new york times" uncovered a $685,000 payment new york university gave jack lew on his way out the door. "new york times" called the payment unusual. it's a shame that mr. lew failed to provide these details as part of his confirmation process leaving us to rely on the press to dig out the details. he told the committee that he received -- quote, unquote -- severance pay from new york university but did not disclose the amount. the dictionary defines severance pay as -- quote -- "a sum of money usually based on length of employment for which an employee is eligible upon termination." was mr. lew terminated? if
of discussion about bonuses at citigroup. we'll keep you up to date on what is happening there. >>> one of wall street's top banking analysts, does he think jack lew is the right man for the treasury. let's look at the futures as we look at a higher open here this monday morning on cnbc. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. how do you keep an older car running like new? you ask a ford customer. when they tell you that you need your oil changed you got to bring it in. if your tires need to be rotated, you have to get that done as well. jackie, tell me why somebody should bring they're car here to the ford dealership for service instead of any one of those other places out there. they are go
's consider mr. lew's citigroup years. he was managing director and chief operating officer of two units -- global wealth management and citigroup alternative wealth investments. mr. lew said that while managing directing and operating those citigroup units he essentially undertook backroom operations like eliminating redundancies and things of that nature. mr. lew has stated that he did not design financial products at citigroup or make portfolio decisions or in his words opine on investments. in fact, when asked about investment products that were marketed and sold by the citigroup units that he oversaw, he could not remember any specific details. it has to be noted that some of those investments gentlemen of the jury rated enormous losses for investments. funds called mat, asta, and falcon, which were marketed, sold, and managed by the citigroup units that mr. lew oversaw understanded up being the subject of lawsuits and arbitration claims where success was based -- where success was based on investors convincing arbitrators that the funds were misrepresented and mismanaged by citigro
confirmation hearing, he was asked questions about his tenure at citigroup and his cayman islands investment. this finance committee is three hours and 20 minutes. >> this meeting will come to order. before we begin, i want to recognize new members to the senate finance committee. secretary brown, senator bennett, senator robert portman , senator bob casey. welcome. we are honored to have you. you'll find the tradition of this committee is one that is very proud to work together. i'm happy that you are here with us to help move that tradition forward at a greater and deeper rate. we deeply appreciate it. less than two miles from where we sit today at the entrance of u.s. treasury building that is a large, bronze statue. one would assume that the figure is alexander hamilton. america's first treasury secretary. look again. this 12 foot tall statue is of albert gallatin. the longest serving u.s. treasury. in a to one, thomas jefferson asked gallatin to serve. --in 1801, thomas jefferson asked gallatin to serve here in the place of treasury secretary is more than avarice and response will -- la
of nearly $1 million he received while working at citigroup just a few months after the bank added taxpayer bailout worth billions. he was also a question of his investment of tens of thousands of dollars in a citigroup fund listed at a building in the cayman islands that obama himself has referred to as "the largest tax scam in the world." wallace citigroup, jack lew oversaw a unit that reportedly profited off the housing crisis by investing at a hedge fund that bet in favor of the collapse. among those to question jack lew is republican senator orrin hatch of utah. >> you have stated to support the volcker rule, yet your the chief operating officer for two units engaged in the sort of activities that the rule is meant to prevent. therefore, if you're really -- were confirmed, it could be awkward in which your role as chair of the fsoc you'd be saying, "do is i say, not as i did." >> i was not in the business of making investment decisions. i was certainly aware of things going on and working in a financial institution, learning a great deal about the financial products. but i was not desi
, appreciate it. cheryl: citigroup, a "wall street journal" report crossing. according, executive profit sharing plan, the one that drew investor anger, frankly, and this source is talking to the journal, working to confirm it this here at fox business, but citigroup allows the profit sharing plan to expire next year. you know, the company trying to avoid a repeat of the pay defeat as well. some citigroup investors were vocal that's a sticking point that pressured the stock as well. headlines crossing from the "the journal," and we're working on "closing bell" six minutes away. the doalw's down 53. we'll be right back. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of posta
be a big reason why government treats the banks with kid gloves. a man who once worked for citigroup, jack lew, the president's chief of staff, has been picked to be the new treasury secretary. and mary jo white, the newly named head of the securities and exchange commission, is a chief litigator at a top law firm representing big investment banks like morgan stanley. with all this happening, it's time to talk with journalist matt taibbi. you've seen him on our broadcast before. a contributing editor at "rolling stone," he's been tracking the high crimes and misdemeanors of wall street and washington for years. welcome back to the show. >> thanks for having me. >> you're working on a story right now that'll come out in a couple of weeks on the hsbc settlement. tell me about that, why it interests you. >> well, the hsbc settlement was a really shocking kind of new low in the history of the too big to fail issue. hsbc was a serial offender on the money laundering score. they had been twice given formal cease and desist orders by the government. one dating back as far as 2003, another one in
benefits did you receive? >> while i was in a play at citigroup, i had opportunity to make an investment in a private equity fund that was designed to invest in emerging economies around the world. it was an opportunity that look to me at the riskier than other investments i have made in the past. i have a very conservative investment philosophy. i thought it was appropriate risk given the possibility of a higher return. i invested in the fund as an employee and i divested from the fund when i was confirmed for an office in the government. my benefit was very small. i took a loss when i sold the investment. i reported all income and pay taxes that were due. >> why the investment in the cayman islands? did you know it was ca >> i knew that invested in emerging markets. i do not know at the time but the address of the partnership was. >> when did you divest? >> 2010 when i became omb director. the fund was disclosed in all my prior confirmations. i'm not aware of any tax benefits i got from participating. >> where did you pay taxes on that investment? >> i reported all income related to th
stage today. jack lew is expected to face questions about his track record and his tenure at citigroup during the financial crisis. lew, who has been serving as the president's chief of staff, is expected be easily confirmed by the democratic-controlled senate. he would succeed timothy geithner. president obama is in north carolina this afternoon seeking support for the plans he laid out in the state of the union address. >> working americans, specifically in manufacturing, have president obama's attention today. he is in asheville, north carolina visiting an engine parts supplier. he said job creation with his north star. >> is our generation's task to reignite the true engine of economic growth, a rising, thriving middle-class. >> the president called on congress to raise the minimum wage, help homeowners refinance, promote early education, and create jobs by promoting energy and manufacturing. but first, he said that congress passed to agree on a balanced budget that cuts the deficit. >> cannot just cut our way to prosperity. >> gop is responding with this whether video. >> doesn't
him about his tenure at the citigroup investment company. he will be grilled about a $940,000 bonus than he received during the crisis and his investment in the cayman islands fund. if confirmed, he will succeed. succeed, former nebraska senator chuck hagel is a step closer to becoming the next defense secretary. the armed services committee narrowly approved his nomination on tuesday. the full senate could vote later this week. his fellow republicans are threatening to filibuster the nomination because of concerns about statements he has made in the past about israel, iran, iraq, and nuclear weapons. >> the delegate eleanor holmes norton will testify today against a bill which would extend the pay freeze for a federal employees, the rest of the year. she's expected to tell the house rules committee that federal workers have contributed more than their fair share through the deficit reduction and that the bill should have gone through the house oversight and government reform committee first. maryland congressman donna edwards and other democrats planning to introduce a bill to help
facing tough questions on personal investment and time while at citigroup. senate finance committee during the confirmation hearing. rich edson on capitol hill with the latest. rich: given the 2012 campaign president obama criticized mitt romney for private equity and a number of other issues dealing with compensation, overseas accounts and investments, jack lew had a couple of issues here leading republicans to say it is a hypocritical pick for treasury. jack lew had a venture capitalist investment organized in the cayman islands, to that he says he didn't know it was organized in the cayman islands, he was transparent on it and recorded it on his taxes. he took a bonus from citi, taking taxpayer money. to that, he said was a private firm, he had nothing to do with investments in instead ran the business of the business. also a lengthy conversation about tax reform and lew says there is room in that process to raise taxes. >> i think there is still more work to be done in terms of the physical path and we need more revenue to be part of it. i think separate from that there is a nee
account in the cayman islands, he has addressed this tenure at citigroup. rich@is following it very closely. rich will join us a little bit later on this hour. dagen: it is now time to make money with charles payne. charles: monster energy drinks. there are a lot of allegations. people are dying and hospitalized. it has had a serious impact. the margins were under a little bit of pressure. relatively great evaluation. acting great today. dagen: i have one thing, though, the fda increasingly looks very eager to regulate the energy drink business. if that happens, even years from now, what will the impact be? charles: it depends on what the impact and regulation will be. this stock goes significantly higher, i think it takes off. i am looking for a trade. it is at a downtrend. a close above 50 would be a bicycle. dagen: thank you. i am not saying how many energy drinks i have had in one day. connell: today, for example. dagen: not today. my most consumed in a day. a dozen. a carnival of crazy. good luck with that. nicole: dagen, please be careful. let's talk about what is going on her
. insiders at the big banks were finding problems. >> my name is richard bowen. i was with citigroup and i was a senior vice-president and business chief underwriter in the commercial lending group. and the overall operations i had purview over involved about $90 billion a year of mortgages we were purchasing from other mortga comnies >> smith: and what were you to do with those $90 billion worth of mortgages? >> i had responsibility to make sure that those mortgages met our credit policy guidelines. >> smith: so the bank had agreed to buy these loans. >> subject to their meeting our credit policy. >> smith: but you found out that the loans that you... your team was looking at didn't meet the credit policy? >> we found that approximately 60% of the loans did not meet our policy. >> smith: 60%? >> 60%, ye >>mith: 60% of the loans didn't meet the... >> our policy, yes. and the volumes increased through 2007, and the rate of defective mortgages increased from 60% to in excess of 80%. >> narrator: on november 3, 2007, bowen wrote an e-mail to four senior citibank executives including board cha
risks at citigroup? >> paul: did he see the iceberg coming. >> right. >> paul: and what would he do if it was headed towards the stocks. >> did he have no idea the risks they were running. no, i saw the risks, why didn't he say anything. i don't remember him being a big whistle-blower in 2008. there are difficult questions for him and this was not a his first job at citi. in 2006 when he first started to there he ran their private wealth and chief operating officer wealth management division. >> paul: they had been sued for selling bad assets that they knew bad and that is the law going through courts right now. >> they have paid $85 million in settlements, undisclosed number of private settlements. they will be paying more. the question is, what did he think, were they mistreating customers, were they pushing people in risky investments. >> paul: how big of an issue is it going to be in the confirmation? >> i think it october to be a big issue. he was overseeing their legal affairs. >> we have argued that you can't hold bankers responsible by themselves. the federal government had
type people in terms of financial matters. he is part of that background. he works at citigroup several years ago, when the president conceded to the republicans an extension of the bush tax breaks for the wealthy. that was an issue, i was on the floor of the senate for eight and a half hours about, so i think at a time when we need to understand that in the long run, the middle class is not going to grow, and our economy is not going to be strong and unless we tackled the enormous power and greed of wall street, unless we do that, we are going to continue to have serious economic problems, and it bothers me obama keep springing into his cabinet and his financial team people from wall street. my own view is we have got to start breaking up these huge financial institutions, the top six of which have assets equivalent to 2/3 of gdp in the united states. three out of the top four are bigger than the ones when we build amount because they were too big to fail. i worry about it. i worry about them, rather than giving us somebody prepared to take on wall street, the man they start investing
. a new report by citigroup shows how rising oil and gas production, along with dropping demand, may mean the u.s. is moving closer to being an exporter of energy, as opposed to a large importer. analysts predict this could also push oil prices down dramatically. popular brands make up today's earnings wrap. sales of beauty products at avon were better than expected for the 4th quarter despite a decline in revenue. coca-cola revenues fizzled below the market's anticipation. some of that was caused by sales that are going flat in europe. however, coke's profits bubbled above estimates. and michael kors continues to strut down wall street. strong demand for its high-end clothes led to a leap in its sales numbers, its forecast for the year, and its stock. barclays is giving its business a makeover. in the wake of the libor scandal, the bank is restructuring to make up for losses. barclays is cutting 3700 jobs and downsizing its asian and european equities business. it's also shutting down 30% of its european branches. barclays was fined $451 million for rigging global interest rates. dell's
, citigroup and ally financial contributed to the settlement. 11 million consumers are underwater on their homes. it's estimated the settlement will help 1 million get back on track. walmart sales are off to a weak start this year. profits ticked up in the fourth quarter, but sales at walmart and sam's club were down during the holidays and into februry. walmart blames the weakness on the payroll tax hike and delayed tax refunds. the retailer expects business will pick up as tax refund checks are mailed out. gas prices and increased competition among discount retailers are also taking a toll. "i'm also concerned about all the industry growth in the discount format channel, because the dollar stores continue to open a lot of stores. and target, for example, said they're going to start matching prices for the first time." that was morningstar analyst michael keara. walmart shares closed up $1.05 at $70.26 on thursday. we're still a fast food nation, but studies show we are hitting the drive-thru less for pizza, fries, burgers and subs. u.s. adults consumed 11.8% of daily calories fr
with how their money is being raised. look at commercials and tv for citigroup goldman sachs or jpmorgan. you would think they are in the business of helping new orleans rebuild or giving money to charities. certainly there is a significant amount of philanthropy on wall street. but i would say to you that the amounts of money i aid by investing in urban communities is less than 10%. i think there needs to be a greater sense of honesty, where people are upfront and say 80% of the money is being made in a business business that the public does not understand, frankly politicians do not fully understand, and i would say to you regulators are not resourced enough or nimble enough to understand things because they are so complex. so what i am advocating for is a return to the old long-term model where you do business, you make money, the clients make returns, banks can still be profitable. and people who do things that risk the systemic safety of the economy are held accountable. the way to do that, and i'm not a huge fan of regulation, but i think the three big things you need to do. one is
but republicans say they want to slow him down over questions about his work aft citigroup and how the white house could overhaul medicare. >> i think that this nomination should not go forward until we get a response from the white house in response to be medicare trigger. >> reporter: there are still decisions to be made with the commerce, labor, transportation, energy are still looking to fill these hopefully, with minorities and women. >> with spring like weather. it is going to make for not only cooler temperatures but also the chance for rain. here are the high temperatures. expected for tomorrow, notice, no 70's, no 60s just mid-50s. 54. from today. mid '50s for most locations. santa rosa, concord. eight degrees. and even cooler for tuesday. here is futurecast. with cloudy conditions in store. notice, the areas of a green that those are sprinkles that could impact us tomorrow. the most significant will rise i and provide impact on tuesday still however, dry in some areas. but the morning commute with 4:00 a.m., 7:00 a.m., 8:00 a.m., light, steady rain fall. it will continue fairly steady
at citigroup. he did serve as chief operating officer during the financial crisis. he will be questioned about his investment in a fund in the cayman islands which was located in the building known for picking home for offshore tax havens. it will be interesting to hear what he has to say about that and other economic issues including the u.s.-backed. -- the u.s. sdebt. host this got the green light to auction off its brands including wonder ratan drakes. the end may be approaching. -- wonder bread and cadrake 's. there will have to provide medical benefits for retirees through may. pizza lovers, are you ready for a pizza hut curfew? all that coming up in the next hour. linda bell reporting for abc 7 news. >> did she say pizza perfume? >> yes. >> i am thinking pepperoni and mushrooms. thank you, linda. it's 47 degrees on this tuesday morning. >> mori action to the pope's >> welcome back. a beautiful clear morning in the nation's capital. >> looks nice. >> i saw the stars as i was driving to work this morning. always nice to have a clear start. >> absolutely. yesterday was gloomy. today, fanta
: citigroup shares are moving hire. we will tell you how the bank is retreating on a profit-sharing plan for top executives to appease its shareholders and whether investors seem to like it. sandra: the dreamliner's nightmare, the company is presenting its sixth, seventy-seven battery problems to be a. dennis: how currencies are faring against the u.s. dollar, the dollar kicking butt. [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's a an architect with two kids and a rtgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort, hopefully bob can retire at aore appropriate age. it's not rocket science. it's just common sense. om td ameritrade. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could bus
. >> jack lew faced heat on the confirmation hearing at his time working for citigroup. and serving as chief operating officer of two units including one which did pro pairtary trading. >> you would be saying to financial firms do as i say, not as i did. >> citigroup required $45 billion taxpayer bail-out in the financial meltdown and lew grilled about bonus he received. >> explain why it's morally accept to believe take close to $1 million out of a company functionally insolvent and about to receive a $1 billion of taxpayer support. >> in 2008, i was employee in the private sector. i compensated in a manner with people who did the work i did in the industry. i was compensated for my work. it leave for others to judge. >> max baucus asked lew about investing in a fund based in well-known tax haven. >> why is the invest in the cayman islands? >> i don't know why it was organized. i was not involved setting up the fund. >> did you pay taxes on that investment? >> i reported all income related to the investment on my tax forms. paid my taxes. >> lou lou lost money on the investment -- lew lost
for citigroup which loss big during the housing crisis. he still received a hefty bonus even when citigroup got a big fat heavy bail out. then mary jo white. she knows wall street very well as a lawyer one of new york's top firms her client included some of the financial industries biggest players j.p. morgan chase, former bank america chief ken lewis. her appointment might indict the white house's crackdown on wall street and hiring the savviest lawyers to do it. but her appointment could post problems in prosecuting those very firms because they are relationship to wall street could present a conflict of try. and sylvia burwell president of the walmart foundation the company's philanthropic like. and the president is set to name her. but some say she shoes not be considered because the foundation she heads is just a public relations ploy by walmart in light of the damaging reports of its labor practices. for more i'm joins with lee great to have you back in the war room, as always. let's start out, is burwell going to get this nomination? >> that's not clear but all the major news outlets hav
Search Results 0 to 49 of about 177 (some duplicates have been removed)